Good Morning. What happens in Macau…..stays in the history books, as October GGR roared back to bust post-pandemic records, based upon the Golden Week swell. Analysts are now looking at $22.8 billion in FY23 revenue, after October brought in $2.42 billion alone. But government plans for the city’s overall economic development, highly focused on gaming operators’ non-gaming commitments and generosity, raise questions over how much government intervention the sector can handle.
What you need to know
- Macau’s new 5-year economic development plan highlights the intervention of the government in casino operations, even as GGR swells.
- Deutsche Bank anticipates Macau’s 2023 GGR will continue to see a 38 percent shortfall compared to pre-pandemic levels.
On the radar
- Macau Government projects $26.8 billion in GGR for 2024.
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- RWS to get 700 new hotel rooms, 21k m2 in retail space: report.
- Sportradar: 38 percent increase in 3Q23 EBITDA, cuts workforce.
AGB Intelligence
MACAU
Record GGR in October but questions over 5-year economic plan
Macau topped out October with a post-pandemic record of $2.42 billion in GGR, driven by a Golden Week influx. But while the sector continues to flourish, questions abound as to potential limitations the government could place on operators, due to their obligations under their gaming concession contracts. The authorities’ new five-year economic development plan highlights further potential constraints on the sector, and possible future intervention in the push for the city’s economic diversification.
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